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Metals X moves closing date for Aditya Birla takeover

25th February 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Metals miner Metals X has again extended its takeover bid for copper miner Aditya Birla until March 24.

The offer had been set to close on February 24.

Metals X initially offered one of its own shares for every five Aditya shares, valuing the takeover target’s shares at 24.7c each. However, in December, Metals X increased its offer to one of its own shares for every 4.75 Aditya shares held.

As of February 16, the offer was free of any conditions.

Aditya Birla’s majority shareholder Hindalco has so far rejected the takeover offer in favour of a strategic review process, but Metals X said on Thursday that the company had now signed a confidentiality agreement with Hindalco to access more detailed information on Aditya Birla and its Nifty copper project, in Western Australia.

Edited by Creamer Media Reporter

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